CLOSING SHORT BLT CALL
OPEC has finally delivered with agreed cut of 1.2M BPD. This was a short call into the OPEC meeting with low expectation of any sort of viable agreement.
BLT rallying post OPEC and we are covering our short for +3.16%.
BLT TRADING SHORT INTO OPEC
Monday • 28 November 2016 • 08:59
BLT a trading short here as the OPEC boys deal looking less likely. BLT is the most exposed miner to oil.
To add to this base metals have had a parabolic run due to Chinese speculative trading. China has been actively cooling the property market and the Chinese are now turning their attention to cooling the excessive commodity speculation.
All the base metals prices have run ahead of themselves and this may also help this trading call as we feel that the steam is about to come out of base metals which will add to the downside pressure.